A listing agent in Minnetonka represents the seller under a written agency agreement. A buyer who is unrepresented approaches the listing agent and asks to submit an offer. Before the buyer submits the offer, what disclosure must the listing agent provide to the buyer under Minnesota law?
Correct Answer
B) An Agency Disclosure form explaining that the agent represents the seller, not the buyer
Under Minn. Stat. § 82.67, Minnesota requires licensees to provide a written agency disclosure to all parties at the first substantive contact. Before the unrepresented buyer submits an offer, the listing agent must disclose their agency relationship — specifically that they represent the seller — using the Minnesota-required Agency Disclosure form. This ensures the buyer understands the agent's loyalty is to the seller, not to the buyer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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